Archive for September, 2008
American Insurer AIG Says UK Division Steady
AIG, the troubled US insurance giant that only last week was saved from collapse by the Federal Reserve, says UK operations are “back to usual”, according to BusinessInsurance.com.
AIG UK Ltd has broadened its PrivateEdge D&O product including special programmes for private companies, partnerships, not-for-profit organisations, an other groups. AIG is eager to put last weeks [...]
Tax Burden Pushing Away Major Insurers
The UK’s corporate tax regime is causing several large insurance companies to consider moving outside the country, according to the Daily Mail.
Two of the more recognised brands, the Prudential and RSA Insurance are among the many making the exodus to lower-taxed countries such as Germany and Ireland. HSBC is also considering a move.
British companies earning [...]
AIG Puts 90-Day Delay On UK Money Withdrawal
As U.S. Insurance giant AIG managed to stay afloat with last minute bailout funds, their UK customers are being told they must wait at least 90 days before they can withdraw their money.
AIG is trying to reassure their customers not to panic as investors have already begun to withdraw their investments, according to This is [...]
Lehman Collapse Ripples Across Pond To UK
As with most U.S. financial troubles in the past 12 months, the Lehman Brothers collapes too has spread to the UK with thousands of jobs already lost.
Some of Britains biggest companies were shaken as worry spread across the capital’s financial district. Volatile trading ensued as the market headed for a 2nd day of losses during [...]
AIG Bailed Out By The Fed
The once formidable U.S. insurance giant AIG was rescued by a massive $85 billion emergency fund for nearly an 80% equity stake, says the Daily Mail.
AIG’s near collapse comes at the heels of Lehman Brothers demise as the credit crunch continues its toll on major finance related companies. Unfortunately for Lehman, U.S. authorities denied bailing [...]
Payment Protection Insurance Still Controversial
Despite heavy fines levied against lenders in the recent past, the Financial Ombudsman Service continues to receive hundreds of complaints per week over the highly questionable insurance, says the Times Online.
PPI is typically sold as a form of protection on financial products such as personal loans, mortgages, and credit cards in the event the borrower [...]
Wallstreet Shaken As Lehman Collapses
The collapse of Lehman Brothers lead to a Dow Jones fall of 500 points - the worst one-day loss in over 6 years, reported the Times Online. With Lehman crumbling into bankruptcy, AIG’s prospects looked dim were it not for a $20bn bailout.
Following the Dow’s plunge S & P’s 500 Index also fell by 58.74 [...]
